I signed up for a webinar on real estate, was contacted by a real estate agent. She sent me some info on condo conversions in Florida and Atlanta. I spoke at length with her, checked out the web site. She put me in touch with WCS Lending (also in Florida). This mortgage lender stated that I qualified to buy 3 condo's. The total for all 3 would be about $750,000 total. Now I can barely afford the house payment I have now. I questioned Brian at length, gave him all my financial information. (Part of the deal in buying these condo conversions is that at the close of escrow you would receive a check for $25,000.00 decorator credit for each unit. These units were also already rented.)
I had a very small amount of money that I sent to Brian, making sure that the amount I sent was the complete down payment. I was assured it was. Once I received my good faith estimate, I noticed the interest rate was double what I was told and that I would have to come up with an additional $17,000.00 to close. And that I was to pay back taxes-which in the contract I signed stated I was only responsible for taxes when I took possession. I contacted an attorney and had my loan reviewed. I was a victim of preditory lending and the fact that since the $25,000.00 was not mentioned anywhere on our good faith estimates or closing statements the deal was fraudulent. Had I tried to sell the property later, I would have been in huge trouble because of the $25,000.00 not being disclosed. I asked for my deposit back and was denied. After numerous letters to all involved and a final letter with copies to the Florida State Real Estate Department and other Financial institions I received my deposit back. Hopefully no one out there has done business with this company. If so I would contact an attorney immediately to save yourself.
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